At the property visit, Paul will ask for a tour of your home and ask for background information on your property.
Paul will ask questions about specific aspects of the house:

When was the last time that you fixed the roof of your house?

How old is your A/C?

When was the last time that you changed the water heater?

Do you have any problem with the foundation of the house?

When was the last time that you updated the bathroom?

When was the last time that you repaired the kitchen?

When was the last time that you changed the carpet?

When was the last time that you changed the floor?

When was the last time that you painted your house (interior and exterior)?

Do you have any problems with water leaking in the kitchen or bathrooms?

Do you have any problems with outlets in the house?

How is the landscape of your property?

Are you going to clean the house before you leave?

Paul will also ask general questions including

How long have you owned your house?

Why do you want to sell your house?

How quickly do you wish to sell the house?

Are you willing to finance? For your equity?

Are you ready to a make a decision?

Paul will introduce to you a one-page contract that explains the terms, cash offer, or terms offer of the sale and purchase of your home.
This contract includes the purchase price, earnest money amount, the title company that will be used, the closing date, and more.

One-Page Contract

Keep in mind that Paul has these one-page contracts on hand at all times and is ready to make an offer for your home on the spot after obtaining the necessary information. So whenever you are ready, Paul is ready.

Both you and Paul will fill out the contract together in no more than 3 minutes. You will keep one copy of the contact, and another copy will be sent to the title company to start the sale and purchase process.

House of Urban Development (HUD) Settlement Statement

At the end of the buy-sell process of your home, there will be a closing document called the Settlement Statement from the U.S. Department of Housing and Urban Development. This document lists all the closing costs for the buyer and seller.

Terms to Know

Code Enforcement Citation

An order issued by a government agency to a property owner to either appear in court or take corrective actions when the owner violates any health or housing codes or regulations regarding neighborhood preservation, zoning, land use, sign guidelines, or public nuisance.

Earnest Money

A deposit a buyer pays to a seller to show good faith in his decision to purchase the seller’s home. Earnest money gives the buyer extra time to seek financing, and it is usually held jointly by the buyer and seller in a third-party account like a trust or escrow account.

Easement

An agreement between a property owner and another party in which the other party pays the property owner for the right to utilize the property for a specified purpose. An example of an easement would be an agreement between a property owner and utility company to that allows the utility company to run pipelines underneath the property. Easements may sometimes be transferred in property sales.

Encumbrance

A claim against a property by a party other than the owner. An encumbrance can affect the transferability of a property and limit its free use until the encumbrance is removed. Examples of encumbrances include mortgages, property tax liens, and easements.

Judgement

A legally enforceable court order stipulating that the loser of a lawsuit pays the winner a specified amount of money. Judgements are typically monetary but can also be non-monetary, such as an order for a contractor to finish a job.

Lien

A legal right of a creditor to sell collateral property of a debtor in order to repay a debt that the debtor fails to pay from a loan or other type of contract. A property owner cannot sell his property that is the subject of a lien without permission from the lien holder.

Title

A legal document that upholds an individual’s right to the ownership and possession of items that can be regarded as being owned by a person or entity. As real estate is a form of real property, real estate requires real property titles in order to convey ownership. Therefore, when a property is sold, the real property title is transferred to the buyer. In order for the title of the property to be transferred, the property must be free of liens or any other debts.

Title Company

A company that verifies the legitimacy of a property title by performing a title search, in which property records are examined to ensure that the claimed owner does legally own the property and that there are no other ownership claims to the property. Once the title is verified, the title company issues a title insurance policy, which protects both the property owner and lender against claims, legal fees, or losses that could result from encumbrances, liens, or faults in the property title.

The title company normally takes 7 to 10 business days to check all liens including contractor liens, any judgments, code enforcement citations, taxes owed, alimony dues, or anything that is owed to other creditors. If there are any issues, the title company will contact you, the owner, so you can provide correct paper work, solve and settle, or come to an agreement. Once everything is clear, you will be ready to close.

Once the title company sets a date, you will sign a set of documents. Once all of the documents are signed, you as the seller will give verbal or written instructions to the title company on how you want your funds distributed, for example by check, wire transfer, or by mail.

Warranty Deed

A document that transfers property between entities and provides the buying entity with the highest level of protection in his purchase of the property by guaranteeing the following essential warranties:

The grantor (seller/selling entity) warrants that he is the rightful owner of the property and therefore has the legal right to transfer the property title.

The grantor guarantees that his property is free and clear of any liens and has no outstanding claims against it from any creditors that are using it as collateral.

The property title can withstand any third-party claims of ownership of the property.

The grantor will take whatever actions are necessary to fulfill the grantee’s (seller’s) title to the property.

Wire Transfer

An electronic transfer of money between banks or financial institutions. Wire transfers enable individuals or entities to send funds to other individuals or entities in local or distant geographic regions around the world efficiently and securely.